The Manufacturers Life Insurance Company Cuts Holdings in La-Z-Boy Incorporated (LZB)

The Manufacturers Life Insurance Company decreased its position in La-Z-Boy Incorporated (NYSE:LZB) by 2.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 37,067 shares of the company’s stock after selling 780 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of La-Z-Boy worth $1,204,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LZB. BlackRock Inc. lifted its stake in La-Z-Boy by 56,782.6% in the 1st quarter. BlackRock Inc. now owns 6,240,594 shares of the company’s stock valued at $168,497,000 after acquiring an additional 6,229,623 shares in the last quarter. Boston Partners bought a new stake in shares of La-Z-Boy during the 2nd quarter worth approximately $24,774,000. JPMorgan Chase & Co. raised its stake in shares of La-Z-Boy by 154.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 472,830 shares of the company’s stock worth $15,367,000 after purchasing an additional 286,854 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of La-Z-Boy by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 4,473,226 shares of the company’s stock worth $120,778,000 after purchasing an additional 275,811 shares in the last quarter. Finally, Marshall Wace North America L.P. raised its stake in shares of La-Z-Boy by 639.8% during the 2nd quarter. Marshall Wace North America L.P. now owns 310,138 shares of the company’s stock worth $10,235,000 after purchasing an additional 268,214 shares in the last quarter. Hedge funds and other institutional investors own 87.00% of the company’s stock.

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A number of brokerages have recently issued reports on LZB. ValuEngine upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 25th. KeyCorp reiterated a “buy” rating and set a $36.00 price objective on shares of La-Z-Boy in a research note on Friday. Sidoti cut La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research note on Tuesday, August 1st. Zacks Investment Research cut La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Finally, BidaskClub cut La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. La-Z-Boy presently has an average rating of “Hold” and an average target price of $33.00.

Shares of La-Z-Boy Incorporated (LZB) opened at $26.95 on Friday. The stock has a market capitalization of $1,309.15, a P/E ratio of 15.85 and a beta of 0.97. La-Z-Boy Incorporated has a 12 month low of $23.15 and a 12 month high of $34.10.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The business had revenue of $357.10 million for the quarter, compared to analyst estimates of $359.34 million. La-Z-Boy had a return on equity of 14.18% and a net margin of 5.45%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. equities analysts expect that La-Z-Boy Incorporated will post 1.73 earnings per share for the current year.

La-Z-Boy Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.

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Institutional Ownership by Quarter for La-Z-Boy (NYSE:LZB)

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